- WELLSTAR has completed the acquisition of two medical billing assets: PatientSERV is Ontario’s leading uninsured and third‑party medical billing platform; Lambert Médico Factures is one of Québec’s most established medical billing providers. These acquisitions significantly expand WELLSTAR’s presence in Canada’s largest provincial markets and extend its billing coverage to six provinces nationwide.
- The total consideration paid for these two transactions is approximately $4.8 million, including the assumption of certain indebtedness and subject to customary holdbacks and working capital adjustments, with up to an additional $6.3 million of future milestone or performance-based payouts. The two billing assets, PatientSERV and Lambert, are expected to collectively generate approximately $5 million in annual revenue with EBITDA⁽¹⁾ margins approaching 20%.
- Inclusive of these acquisitions, WELLSTAR is now at an annualized revenue run-rate of approximately $84 million, and with the recently announced $62 million equity financing, WELLSTAR is well-funded to continue executingon its acquisition growth strategy. WELL reaffirms its commitment to its previously announced spin-out of WELLSTAR and to unlocking the hidden value of its technology platform.
Vancouver, B.C. – March 17, 2026 – WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the “Company” or “WELL”), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that its majority-owned subsidiary WELLSTAR Technologies Corp. (“WELLSTAR”) has completed two strategic medical billing acquisitions: PatientSERV Corporation (“PatientSERV”) in Ontario and Lambert Médico Factures Inc. (“Lambert”) in Québec.
The total consideration paid for these two transactions is approximately $4.8 million, including the assumption of certain indebtedness and subject to customary holdbacks and working capital adjustments, with up to an additional $6.3 million of future milestone or performance-based payouts. Together, these transactions expand WELLSTAR’s presence in Canada’s largest provincial healthcare markets and strengthen WELLSTAR’s position as the most comprehensive clinical operations partner for physicians in Canada. The two medical billing assets, PatientSERV and Lambert, are expected to collectively generate approximately $5 million in annual revenue with EBITDA⁽¹⁾ margins approaching 20%. Inclusive of these two acquisitions, WELLSTAR is now at an annualized revenue run-rate of approximately $84 million.
Amir Javidan, CEO, WELLSTAR, commented, “Taken together, these transactions represent a major step forward in our mission to build Canada’s most complete and physician-centred clinical operations platform. Collectively, these moves deepen our provincial reach, broaden our service offerings, and position WELLSTAR to deliver scalable, high-impact operational improvements to physicians across our entire ecosystem. With the previously announced $62 million equity financing, WELLSTAR is well-funded to continue to execute on its capital allocation strategy as we continue to target a $100 million revenue run-rate goal by the end of this year.”
Amir Javidan further added, “Physician billing is one of several operational processes that WELLSTAR is digitizing and optimizing through automation, advanced analytics, and emerging AI capabilities. By integrating experienced billing teams with modern technology platforms, WELLSTAR helps improve claim accuracy, reduce administrative friction, and support efficient participation in provincial and territorial healthcare programs.Reducing administrative burden for physicians is increasingly important as healthcare systems across Canada face ongoing physician shortages and growing healthcare needs. By streamlining processes such as billing, documentation workflows, and revenue cycle management, WELLSTAR enables physicians and care teams to spend less time navigating complex administrative requirements and more time focusing on patient care.”
Hamed Shahbazi, CEO and Chairman of WELL Health, commented, “WELL remains fully committed to the planned spin-out of WELLSTAR and to unlocking the significant value embedded in this technology asset. We believe WELLSTAR is fundamentally differentiated from the broader software and SaaS sector, even as that sector faces market headwinds. That differentiation comes down to four powerful competitive moats. First, its rapid evolution from ‘System of Record’ to ‘System of Action’, with Nexus AI capabilities increasingly embedding WELLSTAR in the daily economics of care delivery and creating deep operational dependency. Second, its ’Data & Context Intelligence’, built on a uniquely comprehensive view of patient, provider, and billing data accumulated through serving over 40% of Canada’s practitioner base. Third, its ’Brand and Trust’, earned over years of proven performance in regulated healthcare environments. And fourth, ’Network Effects’ where every new clinic and connection compounds the intelligence and value of the entire platform. Together, these moats make WELLSTAR resilient, durable, and increasingly valuable.”
Building Canada’s Most Comprehensive Medical Billing Services Offering
On a daily basis, physicians navigate a myriad of provincial medical billing rules, fee schedules, and compliance requirements for both insured medical services covered by provincial health plans and the growing volume of uninsured and third-party services they must collect independently. As these rules evolve and administrative pressures mount, many physicians find themselves spending an increasing amount of valuable time and resources managing billing complexity rather than focusing on patient care. WELLSTAR is addressing this challenge by strategically expanding its billing capabilities to reduce administrative burden and enable physicians to receive the compensation they deserve for their work.
Acquisition of PatientSERV: Expanding Uninsured Medical Billing Services
On December 1, 2025, WELLSTAR completed the acquisition of PatientSERV, Ontario’s leading platform and an Ontario Medical Association (OMA) partner, for uninsured and third-party medical billing. PatientSERV strengthens WELLSTAR’s strategy to offer a fully unified billing ecosystem and solidify its position as Canada’s most complete and scalable platform for modernizing uninsured medical billing.
Uninsured medical services are activities not covered by provincial health insurance plans, leaving physicians responsible for setting and collecting appropriate fees and increasing their administrative burden. PatientSERV solves this challenge by automating billing workflows, helping physicians capture revenue they would otherwise miss.
Acquisition of Lambert Médico Factures: Entry into Québec and National Billing Expansion
On February 1, 2026, WELLSTAR completed the majority ownership acquisition of Lambert, a Québec-based medical billing provider and one of the province’s most established agencies, marking WELLSTAR’s formal entry into Canada’s second-largest provincial physician market. This acquisition extends WELLSTAR’s medical billing coverage to six provinces, reinforcing its position as the most comprehensive billing services partner for Canadian physicians. By integrating Lambert’s longstanding presence and deep expertise in Québec’s complex healthcare environment, WELLSTAR gains an immediate and strategic foothold in the province. Lambert’s offerings also broaden WELLSTAR’s service portfolio and create new opportunities for cross-selling bundled services and building deeper customer relationships across Québec and nationally.
Footnotes:
- EBITDA is a non-GAAP financial measure. Please refer to WELL’s most recent Management’s Discussion and Analysis (MD&A), available under the Company’s profile on SEDAR+ at www.sedarplus.ca, for further details including definitions and reconciliations to the nearest IFRS measure.
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL’s mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL’s comprehensive healthcare and digital platforms include extensive front and back-office management software applications that help physicians run and secure their practices. WELL’s solutions enable more than 43,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 250 clinics supporting primary care, specialized care, and diagnostic services. In the United States, WELL’s solutions are focused on specialized markets such as the gastrointestinal market, women’s health, primary care, and behavioral health. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and on the OTC Exchange under the symbol “WHTCF”. To learn more about WELL, please visit: www.well.company.
About WELLSTAR
WELLSTAR is a leading healthcare technology company dedicated to reshaping healthcare through digital enablement. We provide a comprehensive, holistic solution for healthcare providers across Canada, with over 40% of practitioners currently using our products and services. Our solutions serve primary care physicians, specialists, health systems, and public sector organizations through a comprehensive suite including billing and practice management systems, electronic medical records (EMRs), digital health applications, and digital health network solutions. As a majority-owned subsidiary of WELL Health, WELLSTAR continues to drive innovation and transformation in the Canadian healthcare landscape, reducing administrative burden and empowering providers to deliver better patient outcomes through advanced technology solutions. Learn more at www.wellstar.health.
Forward-Looking Statements
This news release may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company’s goals, strategies and growth plans; expectations regarding continued revenue and annual run rates; and the expected benefits and synergies of completed acquisitions with the WELLSTAR network. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL’s comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL ‘s control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedarplus.ca, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.
Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Pardeep Sangha
Vice President, Investor Relations
investor@well.company
604-628-7266
